edubourse.com: Shell - Disclosure following agreement of severance arrangements with Judy Boynton: “Ms Boynton will receive a total severance payment of $1,000,000” (ShellNews.net) 7 Jan 04
Source : La Société
Actualité du 07/01/05 à 14:16
Ms Judith Boynton, who stepped aside from her positions as Group Chief Financial Officer, Group Managing Director and Managing Director of The "Shell" Transport and Trading Company, p.l.c.. ("ST&T") on 19th April 2004, has left the Royal Dutch/Shell Group of Companies ("Shell"), by mutual agreement, to pursue other career opportunities, effective 31 December 2004.
Since stepping down from her role as Chief Financial Officer, Ms Boynton has remained with the Group in an advisory capacity reporting to the Chief Executive Jeroen van der Veer. During this period she has worked on special projects on the future structure of the Group, its overall financial framework and various aspects of the Finance function at Shell.
Ms Boynton will receive a total severance payment of $1,000,000 (£521,945) pursuant to the previously disclosed terms of her employment. As disclosed in the 2003 ST&T Annual Report and Accounts, Ms Boynton had a pre-determined severance agreement of $1,000,000.
The greater part of Ms Boynton's remuneration was related to the performance of the company and weighted to the long term, and is treated as follows:
None of her 2003 long term incentive plan award shares vest, as performance targets have not been met. She retains rights to various existing stock options and restricted share grants in accordance with plan rules.
Chief Executive Jeroen van der Veer said:
"We appreciate Judy's contributions over the last nine months as Senior Financial Adviser to the Chairman of the Committee of Managing Directors and over the prior three years as Finance Director of Shell International B.V., Group Chief Financial Officer, Group Managing Director of the Royal Dutch/Shell Group, and a member of the Board of Directors of The "Shell" Transport and Trading Company, p.l.c.. We wish her success in her future endeavours."
Source : La Société
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